Evraz Plc EVRAZ Resumes Operations of EVRAZ Highveld (9595J)
August 14 2012 - 3:15AM
UK Regulatory
TIDMEVR
RNS Number : 9595J
Evraz Plc
14 August 2012
EVRAZ RESUMES OPERATIONS OF EVRAZ HIGHVELD IN SOUTH AFRICA
14 August 2012 - EVRAZ plc (LSE: EVR) (the Company) announces
the restart of operations at EVRAZ Highveld Steel and Vanadium
(South Africa) which had been temporarily suspended as a result of
an industrial action announced by EVRAZ Highveld's largest union
NUMSA at the end of July. A suitable agreement has been reached
between EVRAZ Highveld and NUMSA which ends the four-week
strike.
The main dissenting issue, namely converting the three-shift
system to a law compliant four-shift system, has been resolved and
all operational employees reported to duty on 13 August 2012 on the
new four-shift system. Agreement has further been reached on
certain compensation for the employees who would have been
negatively financially impacted by the implementation of the four -
shift system.
The steelworks re-started on 13 August 2012 and it is expected
that the steelworks will be fully operational by the end of August.
The Company will focus on meeting all orders and commitments to its
clients and partners.
The EBITDA of EVRAZ Highveld in 2011 represented less than 1% of
consolidated EBITDA of EVRAZ plc and the labour actions in South
Africa have had no material effect on the financial performance of
EVRAZ during the current period.
###
For further information:
Investor Relations: Alexander Boreyko Director, Investor
Relations
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
Media Relations: Oleg Kuzmin VP, Corporate Communications
London: +44 207 832 8998 Moscow: +7 495 937 6871 media@evraz.com
EVRAZ is a vertically integrated steel, mining and vanadium
business with operations in the Russian Federation, Ukraine, USA,
Canada, Czech Republic, Italy and South Africa. EVRAZ is among the
top 20 steel producers in the world based on crude steel production
of 16.8 million tonnes in 2011. In 2011 EVRAZ sold 15.5 million
tonnes of steel products. A significant portion of the company's
internal consumption of iron ore and coking coal is covered by its
mining operations. The company's consolidated revenues for the year
ended 31 December 2011 were US$16,400 million and consolidated
adjusted EBITDA amounted to US$2,898 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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